NMC Health Plc Alvarez & Marsal appointed as administrators (4167J)
April 09 2020 - 8:30AM
UK Regulatory
TIDMNMC
RNS Number : 4167J
NMC Health Plc
09 April 2020
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN
ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR"). UPON
THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS
NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
NMC Health plc
("NMC PLC" or the "Company")
ALVAREZ & MARSAL APPOINTED ADMINISTRATORS TO NMC HEALTH
PLC
London - April 9, 2020 - Further to the Company's announcements
on 6 April 2020 and 8 April 2020, Richard Fleming, Mark Firmin and
Ben Cairns of Alvarez & Marsal Europe LLP have today been
appointed Joint Administrators ("the Administrators") of NMC PLC.
The appointment was made by the High Court of England and Wales in
response to a petition presented by Abu Dhabi Commercial Bank, one
of NMC PLC's largest creditors.
NMC Health PLC is the holding company of the largest private
healthcare group in the UAE. The Administrators' primary objective
is to ensure the continuity of patient care, stability for staff
and suppliers, and immediate financial security for NMC PLC's
operating companies. The operating entities are unaffected by the
Administrators' appointment. NMC's hospitals, medical centres, care
facilities and other operations in the group will continue to
operate, under existing management, with patients continuing to be
treated as they are currently.
In Administration, the existing Board of Directors of NMC PLC
cease to have decision making powers with immediate effect. These
powers transfer to the Administrators who are responsible for the
day-to-day running of the Company.
The Joint Administrators will work with the operational
management teams and with all relevant governments and regulatory
bodies to ensure the continuation of healthcare services.
Richard Fleming, Managing Director of Alvarez & Marsal
Europe LLP and Joint Administrator of NMC Health PLC, said:
"I want to start by recognising the extraordinary commitment and
dedication that NMC's doctors, nurses, critical care workers and
other employees have demonstrated over recent months, and
particularly as the world responds to the COVID-19 pandemic.
All hospitals, medical centres, care facilities and other
operations in the group are not subject to the administration
procedure, so their current activities will not change. We believe
that this move, combined with our planned changes to NMC's
governance, is the best way to ensure stability and continued
patient care at this difficult time.
Our absolute priority is to do everything we can to help these
key workers provide the highest quality patient care and services.
This is a complex and challenging situation and we will be working
tirelessly to support NMC colleagues, patients, customers and other
stakeholders ."
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of NMC PLC by Richard Fleming, Joint Administrator.
ENDS
NOTES TO EDITORS
Media Enquiries
Headland Consultancy
Susanna Voyle +44 7980 894 557
Stephen Malthouse +44 7734 956 201
Henry Wallers +44 7876 562 436
nmchealthgroup@headlandconsultancy.com
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END
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